<?xml version="1.0" encoding="utf-8"?>
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    <link:loc xlink:type="locator" xlink:href="ZSEgrupa-2022-12-31.xsd#ZSE_Zaokruzenje" xlink:label="loc_1" />
    <link:loc xlink:type="locator" xlink:href="ZSEgrupa-2022-12-31.xsd#ZSE_OstvareniDobitakOdProdajeFinancijskeImovine" xlink:label="loc_2" />
    <link:labelArc xlink:from="loc_1" xlink:to="lab_1" xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" />
    <link:labelArc xlink:from="loc_2" xlink:to="lab_2" xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" />
    <link:label xlink:type="resource" xlink:label="lab_1" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="hr" id="lab_1">Zaokruzenje</link:label>
    <link:label xlink:type="resource" xlink:label="lab_2" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="hr" id="lab_2">Ostvareni Dobitak Od Prodaje Financijske Imovine</link:label>
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